Kyc Verification

How To Conduct Kyc Verification Online And Offline?

The KYC or know your customer was introduced by the Reserve Bank of India in the year 2002. By the year 2004, it was necessary for all the money lenders to check the KYC documentation before proceeding with the deal. The RBI gave strict guidelines and instructions on KYC. The main aim of using the KYC was to prevent illegal transactions and transfers of money. 

Know all about the KYC documentation

One must know all about the KYC documents needed before going for a financial transaction. One may also get options such as eKYC these days, which has made the entire process easier. These documents are very important to identify the customer. 

We have mentioned some of the important documents you need for eKYC verification-

The documents that are used for identification purposes are-

  • PAN card
  • Passport
  • Voter ID card
  • Driving license
  • Aadhaar card
  • The documents used for confirming the address are-
  • Utility bills
  • Bank passbook
  • Ration card

All these documents must be very fine by the needed authority. If you are looking for personal loans and more, then you must get your KYC done by the needed authorities. 

Importance of KYC documentation

We have mentioned the importance of KYC documentation in this section.

It gives the database and all the required information to all the financial institutions so as to help them to know about the customers. 

With KYC documentation, the lenders can get confirmation about the authenticity of the borrower.

This also safeguards lenders’ financial intent.

KYC can help in reducing financial frauds such as money laundering and more. 

How is KYC verification done?

KYC verification can be done by various methods, and these days eKYC is one of the most convenient methods to get the verification done. 

Online verification

One can verify his KYC documents online very easily by visiting the main website and uploading the required information.

Offline verification

Different verification centers out there can help with offline verification.

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